Apple beats Covid blues, revenue up 11% in June quarter

Cupertino: Beating the pandemic blues, Apple has posted $59.7 billion in revenue for its fiscal 2020 third quarter ended June 27, an increase of 11 per cent from the year-ago quarter, as iPhone sales beat the Wall Street estimates.

Apple’s board of directors approves a four-for-one stock split, effective from August 31.

International sales accounted for 60 percent of the quarter’s revenue.

“Apple’s record June quarter was driven by double-digit growth in both Products and Services and growth in each of our geographic segments,” said Apple CEO Tim Cook.

“In uncertain times, this performance is a testament to the important role our products play in our customers’ lives and to Apple’s relentless innovation,” he said in a statement.

iPhone sales were $26.4 billion, iPad revenue was $6.6 billion while Mac revenue reached $7.1 billion.

Apple posted revenue of $6.5 billion in the Wearables, Home and Accessories segment while its Services vertical (App Store, Apple Music and iCloud etc) reached $13.2 billion in sales.

The solid results took Apple stock up to as much as 6.3 per cent in extended trading, pushing the stock above $400 for the first time.

“Our June quarter performance was strong evidence of Apple’s ability to innovate and execute during challenging times,” said Luca Maestri, Apple’s CFO.

“The record business results drove our active installed base of devices to an all-time high in all of our geographic segments and all major product categories.

We grew EPS by 18 per cent and generated operating cash flow of $16.3 billion during the quarter, a June quarter record for both metrics,” Maestri informed.

Following last quarter’s lead, Apple didn’t provide guidance for the September quarter.